FinStat

Question 1

Debit

Answer 1

Soll

Question 2

Credit

Answer 2

Haben

Question 3

Trial Balance

Answer 3

Summen- und Zahlenliste

Question 4

Income Statement

Answer 4

GuV

Question 5

Balance Sheet

Answer 5

Bilanz

Question 6

Accounts Payable

Answer 6

Verbindlichkeiten

Question 7

Accounts Receivable

Answer 7

Forderungen

Question 8

Balance sheet accounts

Answer 8

Equity, Assets, Liabilities

Question 9

Balance sheet accounts

Answer 9

Equity, Assets, Liabilities

Question 10

Assets=

Answer 10

Liabilities& Equity

Question 11

Assets=

Answer 11

Liabilities& Equity

Question 12

Drawing

Answer 12

Private Geldentnahme

Question 13

Income Statement Accounts

Answer 13

Revenue, Expenses

Question 14

Revenue

Answer 14

Umsatzerlöse

Question 15

Expenses

Answer 15

Ausgaben

Question 16

Expenses

Answer 16

Ausgaben

Question 17

Gross profit

Answer 17

Revenue - Cost pf Revenue

Question 18

Net income

Answer 18

Operating profit - interests - taxes

Question 19

Faithful Representation Cycle

Answer 19

Data need to be complete, neutral and free from material error
-> reliable

Question 20

Cost Principle

Answer 20

Record all assets and liabilities at their actual cost on the date of acquisition (historical cost)

Question 21

Going Concern Assumption

Answer 21

Assume the company will remain in operation for the foreseeable future

Question 22

The Time Period Concept

Answer 22

Business Activities can be sliced into segments and financial statements can be prepared for specific periods

Question 23

The Revenue Recognition principle

Answer 23

Revenue should be recorded when it has been earned

Question 24

Sources of regulation

Answer 24

Legislation, Stock Exchange Rules, Accounting Standards